India boasts of being one of the fastest growing economies in the world. According to the Central Statistics Organisation (CSO) and International Monetary Fund (IMF), the country is likely to emerge as one of the top three economic powers of the world over the next 10-15 years. With an estimated GDP (PPP) at $13,716 bn, India economy is expected to rank at third position in the world by 2030.
In terms of nominal GDP and the purchasing power parity (PPP), Indian economy is the world’s sixth-largest and third-largest economy respectively. With $1723 per capita GDP (nominal) and $6,616 per capita GDP (PPP) in 2016, the country set great records back then.
A recent survey shows that Indian economy is expected to grow between 7-7.5 per cent in the 2018-19 (April-March). The country’s GDP increased 7.1 per cent in 2016-17 and is likely to reach a growth rate of 7 per cent by September 2018.
During April-September 2017, the foreign direct investment (FDI) inflows in the country amounted to US$ 33.75 billion.
Over the last few months, there has been a significant increase in registered indirect and direct taxpayers. The number of indirect taxpayers has almost doubled during these months.
As a matter of fact, India’s export structure is way more egalitarian than in other large countries. With an annual growth rate above 9%, the country has one of the fastest growing service sectors in the world.
Current trends show that the country’s corporate earnings are expected to grow by over 20 per cent in FY 2017-18.The country’s exchange reserves were US$ 404.92 billion in December, 2017.
India’s enhanced economic scenario has led to a number of investments in different sectors of the country. This secures great scope for long-term growth of the Indian economy. It is indeed one of the many reasons to feel good about the achievements and future prospects of the country.
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